overview of cryptocurrency and decentralized exchange, where to buy and sell CAKE

PancakeSwap Is a decentralized exchange with an automated market maker (AMM) powered by the Binance Smart Chain blockchain. Allows you to buy and sell assets, as well as earn and win tokens.

CAKE Is the platform’s own management token that can be used in different ways: staking, buying lottery tickets, voting, and farming tokens. The editorial staff of Bitcoinminershashrate.com offers an overview of the decentralized exchange with all its capabilities and prospects, as well as the direct use cases of CAKE.

On September 29, 2020, the Binance exchange listed the PancakeSwap (CAKE) token and opened trading in CAKE / BNB, CAKE / BUSD, CAKE / USDT, CAKE / BTC pairs.
PancakeSwap (CAKE)

The content of the article

general information

PancakeSwap Token Price Chart (CAKE)

Binance.com CAKE / USDT chart:

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PancakeSwap Marketplace

PancakeSwap Exchange
PancakeSwap Exchange

The decentralized exchange allows exchanging BEP-20 tokens among themselves using automated liquidity pools. Liquidity is provided to the exchange by “liquidity providers” (LP), who place their assets in pools. In return, they receive FLIP tokens, which confirm the right to distribute the delivery reward. For example, if a member contributes CAKE and Binance Coin to the liquidity pool, they receive Cake-BNB FLIP tokens.

Each user, making a swap on the exchange, pays a trading commission of 0.2%, which is broken down as follows: 0.03% is sent to the project treasury, 0.17% is returned to liquidity providers.

To trade on DEX on PancakeSwap:
Go to section Exchange.

  • Unlock Binance Smart Chain Wallet (installed as a browser extension).
  • Select a trading pair, enter the amount.
  • Click “Swap”. Confirm the exchange.
  • Confirm the payment in the wallet pop-up window.

You can then view the details of the transaction in the BSCscan browser.

Other possibilities

Farms

PancakeSwap Farms
PancakeSwap Farms

Farms in PancakeSwap are starter liquidity pools that allow you to earn CAKE tokens. To farm assets, you need to activate the Binance Smart Chain wallet, choose the most suitable farm. Detailed information is provided for each of them. Then you need to go to the trading section on the Liquidity tab and click the Add liquidity button.

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Select assets to add, such as BNB and CAKE. You need to provide them in a 50/50 ratio to each other (based on the value of assets in dollars).

When finished, click on the Supply button. Confirm sending the transaction in the wallet. You have now received liquidity tokens. Return to the farms page. Select the required farm from the available options and add your LP tokens to it. That’s it – you will now earn CAKE tokens based on the specific farm’s annual percentage rate.

Syrup Pools

PancakeSwap Syrup Pools
PancakeSwap Syrup Pools

Syrup Pools allow you to stake CAKE in order to receive other tokens, including new ones. Profitability is recalculated with each new block in the BSC blockchain. The purpose of the pools is to help the development of new projects on the Binance Smart Chain, to accelerate their implementation by distributing a certain number of tokens among CAKE token holders.

All pools can be divided into two categories: Core and Community. The former are hosted directly by the PancakeSwap team according to their own decision. The second ones are put up for voting and are placed only if they got enough votes from users.

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All projects from this section also, by default, receive instant listing in PancakeSwap and preferential promotion on the exchange (temporarily becoming the first when users choose tokens for exchange).

Lottery

Lottery PancakeSwap (CAKE)
Lottery PancakeSwap

Anyone can participate in the lottery (Lottery section) by purchasing a ticket for 10 CAKE. It is allowed to buy several at once, there are no restrictions. Paying for one ticket gives the participant a combination of four random characters.

To win the jackpot (half of the total prize pool), the user must match all 4 numbers on their ticket in the same way as the four winning numbers. But even if 2-3 numbers are collected, the participant is guaranteed to receive a reward. The structure of the winnings is as follows:

  • 4 numbers – 50% of the bank.
  • 3 numbers – 20% of the bank.
  • 2 numbers – 10% of the bank.

Of course, it can happen that several users have the same 2, 3 or 4 numbers at once. In this case, the winnings are divided equally between them. You need to receive the prize manually by clicking the corresponding button on the lottery page.

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The remaining 20% ​​from the bank is burned.

If there are no tickets matching 4 numbers, then 60% of the bank is transferred to the next lottery round.

IFO Initial Farm Offerings

Using CAKE-BNB liquidity tokens, you can purchase tokens for new projects (IFO Initial Farm Offerings section). As a result:

  • The user receives new tokens.
  • The project receives BNB.
  • PancakeSwap burns

You must first add liquidity to the CAKE-BNB pool, and then, having received CAKE-BNB LP liquidity tokens, take part in the sale.

Voting

As part of the voting, CAKE holders can vote for various proposals for the development of the protocol, including both proposals from the project team and proposals from other community members.

Where to buy and sell CAKE

The token is listed on some decentralized and centralized marketplaces, including Binance. To sell or buy CAKE on Binance, one of the following assets must be deposited into the account: BUSD, BNB, BTC, USDT, since the token is traded only in relation to them. Or exchange any other cryptocurrency for a basic one.

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Then go to the trade section and create a buy or sell order.

How to Buy and Sell CAKE on Binance Cryptocurrency Exchange
Buying and selling CAKE cryptocurrency on the Binance exchange

Where to store CAKE

BEP-20 tokens are most conveniently stored in the Binance Smart Chain wallet. It works in a browser extension format just like Metamask and is just as easy to use. With its help, you can not only store your assets and quickly view information about them, but also connect to various decentralized applications on the BSC blockchain. To add CAKE to the list of available assets, click on the plus sign at the bottom of the wallet window. Other wallets: Mathwallet, TokenPocket, TrustWallet and others.

Wallets where to store cryptocurrency CAKE
Binance Smart Chain wallet for storing CAKE cryptocurrency token

Conclusion

PancakeSwap is one of the most actively developing AMM protocols today. Placing it on the BSC blockchain makes it faster and cheaper than its Ethereum counterparts, which is partly the reason for its high popularity. The immediate plans of the project, spelled out in the roadmap: NFT integration and protocol gamification (completing tasks, leveling up), introducing opportunities for lending and borrowing, as well as margin trading, working with binary options, and much more.

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